Finance Act, 1995
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Farming: amendment of provisions relating to relief in respect of increase in stock values. |
21.—(1) Section 31A (inserted by the Finance Act, 1976 ) of the Finance Act, 1975 , is hereby amended by the substitution in paragraph (iv) (inserted by the Finance Act, 1979 ) of the proviso to subsection (4) (a) of “1997” for “1995” (inserted by the Finance Act, 1993 ) and the said paragraph (iv), as so amended, is set out in the Table to this subsection. | |
TABLE | ||
(iv) a deduction shall not be allowed under the provisions of this section in computing a company's trading income for any accounting period which ends on or after the 6th day of April, 1997. | ||
(2) Section 12 of the Finance Act, 1976 , is hereby amended by the substitution in subsection (3) of “1996-97” for “1994-95” (inserted by the Finance Act, 1993 ) and the said subsection (3), as so amended, is set out in the Table to this subsection. | ||
TABLE | ||
(3) Any deduction allowed by virtue of this section in computing a person's trading profits for an accounting period shall not have effect for any purpose of the Income Tax Acts for any year of assessment prior to the year 1974-75 or later than the year 1996-97. | ||
(3) In the case of a person within the meaning of section 12 of the Finance Act, 1976 , who is a qualifying farmer, the following provisions of this subsection shall apply and have effect notwithstanding any other provision of this section— | ||
(a) subsection (1) of section 13 of the Finance Act, 1982 , shall apply and have effect as if “100 per cent.” were substituted for “25 per cent.” (inserted by the Finance Act, 1993 ); | ||
(b) paragraph (a) shall apply and have effect in computing a person's trading profits for an accounting period in the case of a person who becomes a qualifying farmer— | ||
(i) on or after the 6th day of April, 1993, and before the 6th day of April, 1995, for the year of assessment 1995-96 and for each of the three immediately succeeding years of assessment, or | ||
(ii) on or after the 6th day of April, 1995, and before the 6th day of April, 1997, for the year of assessment in which the person becomes a qualifying farmer and for each of the three immediately succeeding years of assessment. | ||
(4) For the purposes of subsection (3), “qualifying farmer” means an individual who— | ||
(a) in the year 1993-94 or any subsequent year of assessment, first qualifies for grant aid under the Scheme of Installation Aid for Young Farmers operated by the Department of Agriculture, Food and Forestry under Council Regulation (EEC) No. 797/85 of 12 March 1985* , or that Regulation as may be revised from time to time, or | ||
(b) (i) first becomes chargeable to income tax under Case I of Schedule D in respect of profits or gains from a trade of farming for the said year 1993-94 or any subsequent year of assessment, and | ||
(ii) has not attained the age of 35 years at the commencement of the year of assessment referred to in subparagraph (i), and | ||
(iii) at any time in the year of assessment so referred to— | ||
(I) is the holder of a qualification set out in the Sixth Schedule to the Finance Act, 1994 , and, in the case of a qualification set out in subparagraph (c), (d), (e), (f) or (g) of paragraph 3, or in paragraph 4, of the said Schedule, is also the holder of a certificate issued by Teagasc— The Agricultural and Food Development Authority (referred to subsequently in this paragraph as “Teagasc”) certifying that such person has satisfactorily attended a course of training in farm management, the aggregate duration of which exceeded 80 hours, or | ||
(II) (A) has satisfactorily attended full-time a course at a third-level institution in any discipline for a period of not less than 2 years' duration, and | ||
(B) is the holder of a certificate issued by Teagasc certifying satisfactory attendance at a course of training in either or both agriculture and horticulture, the aggregate duration of which exceeded 180 hours, | ||
or | ||
(III) if born before the 1st day of January, 1968, that such person is the holder of a certificate issued by Teagasc certifying that such person has satisfactorily attended a course of training in either or both agriculture and horticulture, the aggregate duration of which exceeded 180 hours: | ||
Provided that where Teagasc certifies that any other qualification corresponds to a qualification which is set out in the said Sixth Schedule, that other qualification shall, for the purposes of this subsection, be treated as if it were the corresponding qualification so set out. | ||
(5) This section shall have effect only as respects a trade of farming. | ||